(Former name, former address and former
fiscal year, if changed since last report)

Check
whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes x
No ¨

Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check
one):

Large accelerated filer ¨

Accelerated filer ¨

Non-accelerated filer ¨

Smaller reporting company x

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).

Yes
¨ No x

As of September 30 ,2012, 268,960,597 shares
of common stock, par value $0.0001 per share, were issued and outstanding.

TABLE OF CONTENTS

Page

PART I

Item 1. Financial Statements

F-1

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

3

Item 3 Quantitative and Qualitative Disclosures About Market Risk

5

Item 4 Controls and Procedures

5

PART II

Item 1. Legal Proceedings

6

Item IA. Risk Factors

6

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

6

Item 3. Defaults Upon Senior Securities

6

Item 4. Submission of Matters to a Vote of Security Holders

6

Item 5. Other Information

6

Item 6. Exhibits

7

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements.

ADAMA TECHNOLOGIES CORP.

(A DEVELOPMENT STAGE COMPANY)

INDEX TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

Financial Statements-

Balance Sheets as of September 30, 2012 and December 31, 2011

F-2

Statements of Operations for the Three Months and Nine Month Ended September 30, 2012, and 2011 and Cumulative from Inception

F-3

Statement of Changes in Stockholders’ Equity for the Period from Inception Through September 30, 2012

F-4

Statements of Cash Flows for the Nine Months Ended September 30, 2012 and 2011 And Cumulative from Inception

Adama Technologies Corp. (“Adama Technologies”
or the “Company”) is a Delaware corporation in the development stage and has not commenced operations. The Company
was incorporated under the laws of the State of Delaware on September 17, 2007.

The accompanying financial statements of Adama Technologies
were prepared from the accounts of the Company under the accrual basis of accounting.

Unaudited Interim Financial Statements

The interim financial statements of the Company
as of September 30, 2012, and for the periods then ended, and cumulative from inception, are unaudited. However, in the opinion
of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary
to present fairly the Company’s financial position as of September 30, 2012, and the results of its operations and its cash
flows for the periods ended September 30, 2012, and cumulative from inception. These results are not necessarily indicative of
the results expected for the calendar year ending December 31, 2012. The accompanying financial statements and notes thereto do
not reflect all disclosures required under accounting principles generally accepted in the United States. Refer to the Company’s
audited financial statements as of December 31, 2011, filed with the SEC, for additional information, including significant accounting
policies.

Cash and Cash Equivalents

For purposes of reporting within the statement
of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all
highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

Revenue Recognition

The Company is in the development stage and
has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery
of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved
by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any
related receivable is probable.

Earnings per Common Share

Basic earnings per share is computed by dividing
the net income attributable to the common stockholders by the weighted average number of shares of common stock outstanding during
the period. Fully diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased
to include the number of additional common shares that would have been outstanding if the potential common shares had been issued
and if the additional common shares were dilutive. Except for the nine months ended September 30, 2011, common stock equivalents
were not included in the computation of diluted earnings per share in the statement of operations due to the fact that the Company
reported a net loss and to do so would be anti-dilutive for the periods presented. For the nine months ended September 30, 2011
the weighted average number of shares outstanding on a fully diluted basis was 1,076,152 shares and the fully diluted earnings
per share was $0.28.

F-6

Income Taxes

Deferred tax assets and liabilities are determined
based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes.
The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities
generating the differences.

The Company maintains a valuation allowance
with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing
the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current
period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward
period under the federal tax laws.

Changes in circumstances, such as the Company
generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change
in the valuation allowance will be included in income in the year of the change in estimate.

Fair Value of Financial Instruments

The Company estimates the fair value of financial
instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair
value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market
exchange. As of September 30, 2012, the carrying value of accounts payable, accrued liabilities, and loans approximated fair value
due to the short-term nature and maturity of these instruments.

Patent and Intellectual Property

The Company capitalizes the costs associated
with obtaining a Patent or other intellectual property associated with its intended business plan. Such costs are amortized over
the estimated useful lives of the related assets.

Deferred Offering Costs

The Company defers as other assets the direct
incremental costs of raising capital until such time as the offering is completed. At the time of the completion of the offering,
the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations
during the period in which the offering is terminated.

Impairment of Long-Lived Assets

The Company evaluates the recoverability of
long-lived assets and the related estimated remaining lives when events or circumstances lead management to believe that the carrying
value of an asset may not be recoverable. For the period ended September 30, 2012, no events or circumstances occurred for which
an evaluation of the recoverability of long-lived assets was required.

Common Stock Registration Expenses

The Company considers incremental costs and
expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date
or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are expensed
as incurred.

Estimates

The financial statements are prepared on the
basis of accounting principles generally accepted in the United States. The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts
of assets, liabilities and expenses. Actual results could differ from those estimates made by management.

F-7

Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04,
"Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.
GAAP and International Financial Reporting Standards ("IFRSs")." Under ASU 2011-04, the guidance amends certain
accounting and disclosure requirements related to fair value measurements to ensure that fair value has the same meaning in U.S.
GAAP and in IFRS and that their respective fair value measurement and disclosure requirements are the same. ASU 2011-04 is effective
for public entities during interim and annual periods beginning after December 15, 2011. Early adoption is not permitted. The Company
does not believe that the adoption of ASU 2011-04 will have a material impact on the Company's results of operation and financial
condition.

In June 2011, the FASB issued ASU No. 2011-05,
"Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income," ("ASU 2011-05") which amends
current comprehensive income guidance. This accounting update eliminates the option to present the components of other comprehensive
income as part of the statement of shareholders' equity. Instead, comprehensive income must be reported in either a single continuous
statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but
consecutive statements. ASU 2011-05 will be effective for public companies during the interim and annual periods beginning after
Dec. 15, 2011 with early adoption permitted. The Company does not believe that the adoption of ASU 2011-05 will have a material
impact on the Company's results of operation and financial condition.

There were various other updates recently
issued, most of which represented technical corrections to the accounting literature or application to specific industries. None
of the updates are expected to a have a material impact on the Company's financial position, results of operations or cash flows.

(2)Development Stage Activities
and Going Concern

The Company is currently in the development
stage, and has limited operations.

The accompanying financial statements have
been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation
of the Company as a going concern. The Company has not established any source of revenue to cover its operating costs, and as such,
has incurred an operating loss since inception. Further, as of September 30, 2012, the cash resources of the Company were insufficient
to meet its current business plan. These and other factors raise substantial doubt about the Company’s ability to continue
as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects
on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible
inability of the Company to continue as a going concern.

(3)Patent Pending

In November 2007, the Company entered into
an Invention Assignment Agreement with Eliezer Sheffer, the inventor, whereby the Company acquired from Eliezer Sheffer all of
the right, title and interest in the Invention known as the “Security system for mobile vehicles, trucks and shipping containers”
for consideration of $60,000. Under the terms of the Assignment Agreement, the Company was assigned rights to the Invention free
of any liens, claims, royalties, licenses, security interests or other encumbrances. The inventor of the Invention is not an officer
or director of the Company, nor an investor or promoter of such. The Invention is the subject of United States Patent Application
11/720,518 which was filed with the United States Patent and Trademark Office on May 31, 2007. Currently, the Patent Application
is pending. The historical cost of obtaining the Invention and filing for the patent has been capitalized by the Company, and amounted
to $60,000. As of December 31, 2009, the Company recorded an impairment loss for the full value of the patent.

F-8

(4)Investments

On October 27, 2008, the Company entered into
an Exclusive Brownfield License Agreement with Solucorp Industries Ltd. Pursuant to the terms of the Agreement, Solucorp granted
the Company an exclusive worldwide license of its MBS Process, for remediating Brownfield and Redevelopment Sites, with the exception
of North America, Central America, South America, Russia and China. The Company was also granted a non-exclusive license for use
of the MBS Process for the remediation of contaminated sites and superfunded like sites. The term of the Agreement is 15 years.

As of December 31, 2009, the Company recorded
an impairment loss for the full value of the acquired technology.

In consideration
for the rights granted under the Agreement, the Company issued 29,633 shares (post reverse stock split)
of its common stock to Solucorp, valued in the amount of $4,000,000. In addition, the sum of $1,000,000 is payable to Solucorp
within 12 months of October 27, 2008 according to an amendment to the original agreement.

As of June
30, 2011 the Company has paid $160,000 of the agreed sum. The exclusive rights under the agreement have
been terminated and the remaining $840,000 obligation was written off.

In the event the Company sells or develops
the Brownfield or Redevelopment property after remediation, the Company shall pay 1% of the royalty of such sale or redevelopment
cost to Solucorp.

On November 21, 2011, the Company entered
into a stock purchase agreement to purchase 477 shares of YGE Mining PLC. As payment for the 477 shares of YGE Mining
PLC, the Company issued 20,000,000 shares of its unregistered common stock valued at $3,400,000.

On December 15, 2011, the Company entered
an agreement with Ansalt Multicommertz, a limited liability company organized under the laws of Liechtenstein, pursuant to which
the Assignor assigned to the Registrant its 90% interest in the Harrison Lake (Talc) Creek Magnesium property in exchange of the
issuance of 25,000,000 restricted common stock of the Company to the Assignor. As part of the transaction the Company assumed an
obligation to pay a vendor of Ansalt Multicommertz $400,000 of which $350,000 remained payable at June 30. 2012.

Effective July 9, 2012, the Company entered into a Mineral Property
Acquisition Agreement with MineSadco S.A., an Ecuadorian company. MineSadco is the owner of an undivided, 100% interest in a certain
mineral property located in Canton Portovelo, El Oro Province, in the South of Ecuador. Pursuant to the terms of the agreement,
the Company acquired the rights to commercially exploit 100% of the mineral rights to the Property for a period of twenty years.
In consideration, the Company issued 120,000,000 restricted shares of its common stock to MineSadco. In addition, if within eighteen
months from the closing date certain production millstones will be completed, MineSadco will be entitled to additional shares representing
up to 55% of the Companies diluted capital at the closing date.

(5)Convertible Notes Payable

On April 4, 2011, the Company signed a $25,000 convertible promissory
note with a third party. The note bears interest at 8% per annum and is due on January 6, 2012. The note has conversion
rights that allow the holder of the note to convert after 180 days all or any part of the remaining principal balance into the
Company’s common stock at a price equal to 58% of the average of the lowest three trading prices for the Common Stock during
the most recent ten day period. This note was paid by conversion to shares.

On May 12, 2011, the Company signed a $30,000 convertible promissory
note with a third party. The note bears interest at 8% per annum and is due on February 12, 2012. The note has conversion
rights that allow the holder of the note to convert after 180 days all or any part of the remaining principal balance into the
Company’s common stock at a price equal to 58% of the average of the lowest three trading prices for the Common Stock during
the most recent ten day period. This note was paid by conversion to shares.

F-9

On June 7, 2011, the Company signed a $32,500 convertible promissory
note with a third party. The note bears interest at 8% per annum and is due on March 7, 2012. The note has conversion
rights that allow the holder of the note to convert after 180 days all or any part of the remaining principal balance into the
Company’s common stock at a price equal to 58% of the average of the lowest three trading prices for the Common Stock during
the most recent ten day period. $18,000 of principal on the note was paid by conversion to shares. The maturity date was extended.

On November 18, 2011, the Company signed a $30,000 convertible
promissory note with a third party. The note bears interest at 8% per annum and is due on August 18, 2012. The note
has conversion rights that allow the holder of the note to convert after 180 days all or any part of the remaining principal balance
into the Company’s common stock at a price equal to 58% of the average of the lowest three trading prices for the Common
Stock during the most recent ten day period. The maturity date was extended.

On April 27, 2012, the Company signed a $32,500 convertible
promissory note with a third party. The note bears interest at 8% per annum and is due on January 27, 2013. The note
has conversion rights that allow the holder of the note to convert after 180 days all or any part of the remaining principal balance
into the Company’s common stock at a price equal to 58% of the average of the lowest three trading prices for the Common
Stock during the most recent ten day period.

In accordance with ASC 470, the Company has analyzed the beneficial
nature of the conversion terms and determined that a beneficial conversion feature (BCF) exists. The Company calculated the
value of the BCF using the intrinsic method as stipulated in ASC 470. The BCF has been recorded as a discount to the notes payable
and to Additional Paid-in Capital.

As of September 30,
2012, the balance of convertible notes payable is $66,818 net of unamortized discounts of $10,182.

For the nine months ended September
30, 2012 the Company has recognized $3,650 in interest expense related to the notes and has amortized
$43,497 of the beneficial conversion features which has been recorded as interest expense.

(6)Common Stock

On November
13, 2007, the Company issued 116,667 shares (post reverse stock split) of its common stock to seven individuals who are founders
of the Company, including the Company's initial Directors and officers, for proceeds of $700.

The Company commenced a capital formation
activity to submit a Registration Statement on Form SB-2 to the SEC to register and sell 50,000(post reverse stock
split) shares of newly issued common stock in a self-directed offering at an offering price of $0.03 per share for proceeds of
up to $90,000. As of May 19, 2008, the Company had incurred $25,000 of deferred offering costs related to this capital formation
activity. As of May 19, 2008, the Company issued 50,000(post reverse stock split) shares of common stock pursuant
to the Registration Statement on Form SB-2, and deposited proceeds of $90,000.

On July 3, 2008, the Company raised $90,000
and issued 50,000(post reverse stock split) shares of its common stock, purchase price $0.03 per share, to 22 investors.
The Company received net proceeds of $88,800.

On July 28, 2008, the Company implemented
a 5 for 1 forward stock split on its issued and outstanding shares of common stock to the holders of record as of July 25,
2008. As a result of the split, each holder of record on the record date automatically received four additional shares of the Company’s
common stock. After the split, the number of shares of common stock issued and outstanding are 65,000,000 shares. The accompanying
financial statements and related notes thereto have been adjusted accordingly to reflect this forward stock split.

On October 27, 2008, the Company entered into
an Exclusive Brownfield License Agreement with Solucorp Industries Ltd. In consideration for the rights
granted under the Agreement, the Company issued 29,633 (post reverse stock split) shares of its
common stock to Solucorp, valued in the amount of $4,000,000.

F-10

On May 11, 2009, the Company raised $250,000
and issued 10,417 (post reverse stock split) shares of its common stock, purchase price $0.08 per share, to an investor. The Company
received net proceeds of $203,786.

On June 2, 2009, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
417 (post reverse stock split) shares of its unregistered common stock on said date valued at $22,000. The fair value of the unregistered
shares is determined based on the closing price of the Company’s stock on the date of grant less a 30% discount.

On September 16, 2009, the Company raised
$120,000 and issued 5,000 (post reverse stock split) shares of its common stock, purchase price $0.08 per share, to an investor.
The Company received net proceeds of $120,000.

On October 5, 2009, the Company entered into
an agreement with an unrelated third-party consultants. As payment for the consultants’ services, the Company
issued 4,017 (post reverse stock split) shares of its unregistered common stock valued at $84,350. The fair value of the unregistered
shares was determined based on the closing price of the Company’s stock on the date of grant less a 30% discount.

On October 5, 2009, the Company raised $35,000
and issued 2,500 (post reverse stock split) shares of its common stock, purchase price $0.047 per share, to an investor.

On October 5, 2009, the Company entered into
an agreement with a shareholder consultant. As payment for the consultant’s services, the Company issued 4,167
(post reverse stock split) shares of its unregistered common stock on said date valued at $58,750. The fair value of the unregistered
shares was determined based on the closing price of the Company’s stock on the date of grant less a 30% discount.

On October 27, 2009, the Company entered into
an agreement with a resigning Director to receive as compensation for his services, 11,667 (post reverse stock split) shares of
its unregistered common stock valued at $147,000. The fair value of the unregistered shares was determined based on the closing
price of the Company’s stock on the date of grant less a 30% discount.

On October 27, 2009, the Company entered into
an agreement with a resigning Director to receive as compensation for his services, 11,667 (post reverse stock split) shares of
its unregistered common stock valued at $147,000. The fair value of the unregistered shares was determined based on the closing
price of the Company’s stock on the date of grant less a 30% discount

On December 1, 2009, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
1,667 (post reverse stock split) shares of its unregistered common stock on said date valued at $7,000. The fair value of the unregistered
shares was determined based on the closing price of the Company’s stock on the date of grant less a 30% discount.

On January 12, 2010, the Company issued 26,667
(post reverse stock split) shares of its unregistered common stock valued at $56,000 to two directors of the Company. The fair
value of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant
less an approximate 30% discount.

On January 12, 2010, the Company entered into
an agreement with an unrelated third-party consultant. As payment for past services, the Company issued 13,333 (post
reverse stock split) shares of its unregistered common stock on said date valued at $28,000. The fair value of the unregistered
shares was determined based on the recent closing price of the Company’s stock on the date of grant less an approximate 30%
discount.

On February 3, 2010, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s past services, the Company
issued 33,333 (post reverse stock split) shares of its unregistered common stock on said date valued at $70,000. The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount.

F-11

On February 16, 2010, the Company entered
into an agreement with unrelated third-party consultants. As payment for the consultants' past services, the Company
issued 11,333 (post reverse stock split) shares of its unregistered common stock on said date valued at $23,800. The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount.

On February 25, 2010, the Company entered
into an agreement with an unrelated third-party consultant. As payment for the consultant’s past services, the
Company issued 33,333 (post reverse stock split) shares of its unregistered common stock on said date valued at $70,000. The fair
value of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant
less an approximate 30% discount.

On April 25, 2010, the Company raised $13,000
and issued 26,667 (post reverse stock split) shares of its common stock, with a purchase price $0.0016 per share, to investors.

On May 26, 2010, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s past services, the Company
issued 23,333 (post reverse stock split) shares of its unregistered common stock on said date valued at $63,000. The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount.

On June 16, 2010, the Company entered into
agreements with unrelated third-party consultants. As payment for the consultant’s past services, the Company
issued 10,833 (post reverse stock split) shares of its unregistered common stock on said date valued at $13.975. The fair value
of the unregistered shares was determined based on comparable sales.

On June 16, 2010, the Company raised $35,000
and issued 27,167 (post reverse stock split) shares of its common stock, with a purchase price $0.0043 per share, to investors.

On June 21, 2010, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s past services, the Company
issued 8,333 (post reverse stock split) shares of its unregistered common stock on said date valued at $22,500.The fair
value of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant
less an approximate 30% discount.

On August 13, 2010, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s past services, the Company
issued 37,000 (post reverse stock split) shares of its unregistered common stock on said date valued at $111,000.The fair
value of the unregistered shares was determined based on comparable sales.

On August 30, 2010, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s past services, the Company
issued 16,667 (post reverse stock split) shares of its unregistered common stock on said date valued at $50,000.The fair
value of the unregistered shares was determined based on comparable sales.

On August 31, 2010, the Company raised $10,000
and issued 33,333 (post reverse stock split) shares of its common stock, with a purchase price $0.001 per share, to investors.

On October 1, 2010, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s past services, the Company
issued 16,667 (post reverse stock split) shares of its unregistered common stock on said date valued at $24,500.The fair
value of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant
less an approximate 30% discount.

On October 18, 2010, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s past services, the Company
issued 49,833 (post reverse stock split) shares of its unregistered common stock on said date valued at $209,300.The fair
value of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant
less an approximate 30% discount.

F-12

On December 15, 2010, the Company entered
into an agreement with an unrelated third-party consultant. As payment for the consultant’s past services, the
Company issued 23,701 (post reverse stock split) shares of its unregistered common stock on said date valued at $49,420.The
fair value of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date
of grant less an approximate 30% discount.

On January 1, 2011, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
33,333 (post reverse stock split) shares of its unregistered common stock on said date valued at $110,000.The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount for restricted trading.

On January 1, 2011, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
8,333 (post reverse stock split) shares of its unregistered common stock on said date valued at $27,500.The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount for restricted trading.

On January 1, 2011, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
13,333 (post reverse stock split) shares of its unregistered common stock on said date valued at $44,000.The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount for restricted trading.

On January 1, 2011, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
3,333 (post reverse stock split) shares of its unregistered common stock on said date valued at $11,000.The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount for restricted trading.

On January 1, 2011, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
33,333 (post reverse stock split) shares of its unregistered common stock on said date valued at $110,000.The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount for restricted trading.

On April 1, 2011, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
60,000 (post reverse stock split) shares of its unregistered common stock on said date valued at $50,400.The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount for restricted trading.

On April 5, 2011, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
150,000 (post reverse stock split) shares of its unregistered common stock on said date valued at $157,500.The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount for restricted trading.

On April 13, 2011, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
30,000 (post reverse stock split) shares of its unregistered common stock on said date valued at $25,200.The fair value
of the unregistered shares was determined based on the recent closing price of the Company’s stock on the date of grant less
an approximate 30% discount for restricted trading.

F-13

On October 28, 2011, the Company implemented
a 1 for 300 reverse stock split on its issued and outstanding shares of common stock to the holders of record as of October
28, 2011. After the reverse split, the number of shares of common stock issued and outstanding were 1,149,341 shares. The accompanying
financial statements and related notes thereto have been adjusted accordingly to reflect this reverse stock split.

On November 21, 2011, the Company entered
into an agreement with a director. As payment for services, the Company issued 5,000,000 shares of its unregistered
common stock on said date valued at $850,000.The fair value of the unregistered shares was determined based on the recent
closing price of the Company’s stock on the date of grant less an approximate 15% discount for restricted trading.

On November 21, 2011, the Company entered
into an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company
issued 2,000,000 shares of its unregistered common stock on said date valued at $340,000.The fair value of the unregistered
shares was determined based on the recent closing price of the Company’s stock on the date of grant less an approximate 15%
discount for restricted trading.

On November 21, 2011, the Company entered
into an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company
issued 2,000,000 shares of its unregistered common stock on said date valued at $340,000.The fair value of the unregistered
shares was determined based on the recent closing price of the Company’s stock on the date of grant less an approximate 15%
discount for restricted trading.

On November 21, 2011, the Company entered
into an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company
issued 1,000,000 shares of its unregistered common stock on said date valued at $170,000.The fair value of the unregistered
shares was determined based on the recent closing price of the Company’s stock on the date of grant less an approximate 15%
discount for restricted trading.

On November 21, 2011, the Company entered
into an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company
issued 500,000 shares of its unregistered common stock on said date valued at $85,000.The fair value of the unregistered
shares was determined based on the recent closing price of the Company’s stock on the date of grant less an approximate 30%
discount for restricted trading.

On November 21, 2011, the Company entered
into an agreement with an unrelated third-party to purchase 477 shares of YGE Mining PLC. As payment for the 477 shares
of YGE Mining PLC, the Company issued 20,000,000 shares of its unregistered common stock on said date valued at $3,400,000.The fair value of the unregistered shares was determined based on the recent closing price of the Company’s stock on
the date of grant less an approximate 15% discount for restricted trading.

On December 1, 2011, the Company entered into
an agreement with a director. As payment for services, the Company issued 2,000,000 shares of its common stock on said
date valued at $420,000.The fair value of the shares was determined based on the recent closing price of the Company’s
stock on the date of grant.

On December 1, 2011, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
1,000,000 shares of its common stock on said date valued at $210,000.The fair value of the unregistered shares was determined
based on the recent closing price of the Company’s stock on the date of grant.

On December 8, 2011, the Company entered into
an agreement with an unrelated third-party to purchase a magnesium property. As payment for the property, the Company
issued 25,000,000 shares of its unregistered common stock on said date valued at $4,250,000.The fair value of the unregistered
shares was determined based on the recent closing price of the Company’s stock on the date of grant less an approximate 15%
discount for restricted trading.

From January 1, 2011 to December 31, 2011,
the Company issued 236,224 shares of its common stock upon conversion of convertible debt of $85,000 and $4,071 of interest.

F-14

On January 4, 2012, the Company raised $8,500 and issued 8,500,000
shares of its common stock, with a purchase price $0.001 per share, to investors. As of September 30, 2012 the investment was receivable.

On January 13, 2012, the Company raised $16,760 and issued 16,760,000
shares of its common stock, with a purchase price $0.001 per share, to investors. As of September 30, 2012 the investment was receivable.

On February 21, 2012, the Company raised $19,730 and issued
19,730,000 shares of its common stock, with a purchase price $0.001 per share, to investors. As of September 30, 2012 the investment
was receivable.

On May 22, 2012, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
10,000,000 shares of its common stock on said date valued at $10,000.The fair value of the unregistered shares was determined
based on the recent closing price of the Company’s stock on the date of grant.

On May 31, 2012, the Company entered into
an agreement with an unrelated third-party consultant. As payment for the consultant’s services, the Company issued
1,500,000 shares of its common stock on said date valued at $1,500.The fair value of the unregistered shares was determined
based on the recent closing price of the Company’s stock on the date of grant.

On July 15, 2012, the Company entered into
an agreement with unrelated third-party consultants. As payment for the consultant’s services, the Company issued
30,000,000 shares of its common stock on said date valued at $30,000.The fair value of the unregistered shares was determined
based on trading restrictions on the date of grant.

On July 15, 2012, the Company issued 120,000,000
shares of its unregistered common stock valued at $120,000 to MineSadco S.A., an Ecuadorian company, to purchase a 100% interest
to exploit and commercialize a mining property located in Ecuador for 20 years.

From January 1, 2012 to September 30, 2012,
the Company issued 2,713,355 shares of its common stock upon conversion of convertible debt of $63,000 and $2,700 of interest.

(7)Income Taxes

The provision (benefit) for income taxes for
the periods ended September 30, 2012 and 2011, was as follows (assuming a 23% effective tax rate):

2012

2011

Current Tax Provision:

Federal-

Net income

$

-

$

302,475

Non-deductible expenses

-

79,557

Taxable income

-

382,032

Net operating loss carryforward

-

(382,032

)

Total current tax provision

$

-

$

-

Deferred Tax Provision:

Federal-

Deferred tax benefit on current loss

$

408,032

$

-

Non-deductible expenses

(10,004

)

-

Change in valuation allowance

(398,028

)

-

Total deferred tax provision

$

-

$

-

F-15

The Company had deferred income tax assets
as of September 30, 2012 and December 31, 2011, as follows:

2012

2011

Loss carryforwards

$

893,588

$

495,560

Less - Valuation allowance

(893,588

)

(495,560

)

Total net deferred tax assets

$

-

$

-

The Company provided a valuation allowance
equal to the deferred income tax assets for the period ended September 30, 2012 and 2011, because it is not presently known whether
future taxable income will be sufficient to utilize the loss carryforwards.

As of September 30, 2012, the Company had
approximately $3,900,000 in tax loss carryforwards that can be utilized in future periods to reduce taxable income, and expire
by the year 2032.

The Company did not identify any material uncertain tax positions.
The Company did not recognize any interest or penalties for unrecognized tax benefits.

The Company has filed income tax returns in the United States.
All tax years are closed by expiration of the statute of limitations.

(8)Related Party Transactions

On November 20, 2007, the Company subscribed
25,083 (post reverse stock split) shares of common stock to Mr. Aviram Malik, President and Director, for a cash payment of $150.

On November 20, 2007, the Company subscribed
8,333 (post reverse stock split) shares of common stock to Mr. Gal Ilivitzki, Secretary and Director, for a cash payment of $50.

On November 21, 2011, the Company entered
into an agreement with a director. As payment for services, the Company issued 5,000,000 shares of its unregistered
common stock on said date valued at $850,000.The fair value of the unregistered shares was determined based on the recent
closing price of the Company’s stock on the date of grant less an approximate 15% discount for restricted trading.

On December 1, 2011, the Company entered into
an agreement with a director. As payment for services, the Company issued 2,000,000 shares of its common stock on said
date valued at $420,000.The fair value of the shares was determined based on the recent closing price of the Company’s
stock on the date of grant.

As of September 30, 2012 the Company owed
$83,194 to Directors, officers, and principal stockholders of the Company for working capital loans. The loans are unsecured, non-interest
bearing, and have no terms for repayment.

For the nine months
ended September 30, 2012, the Company expensed share based consulting fees of $816,429
to Directors and officers of the Company.

(9)Concentration of Credit
Risk

The Company’s cash and cash equivalents
are invested in a major bank in Israel and are not insured. Management believes that the financial institution
that holds the Company’s investments is financially sound and accordingly, minimal credit risk exists with respect to these
investments.

F-16

(10)Equity Purchase Agreement

Effective July 31, 2012, the Company entered into a Binding
Letter of Intent with Southridge Partners II LP, an institutional investor, for the equity purchase agreement of an amount of up
to $7 million. Pursuant to the agreement, the Company has the right, in its sole discretion, to sell to Southridge up to $7 million
of its common stock over a 24-month period. The Company will have the right, but is not obligated, to sell stock to Southridge
depending on certain conditions as set forth in the equity purchase agreement.

F-17

Item 2. Management’s Discussion
and Analysis or Plan of Operations.

As used in this Form 10-Q, references to
the “Adama,” Company,” “we,” “our” or “us” refer to Adama Technologies Corporation. Unless
the context otherwise indicates.

Forward-Looking Statements

The following discussion should be read
in conjunction with our financial statements, which are included elsewhere in this Form 10-Q (the “Report”). This Report
contains forward-looking statements which relate to future events or our future financial performance. In some cases, you can identify
forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential” or
“continue” or the negative of these terms or other comparable terminology. These statements are only predictions and
involve known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels
of activity, performance or achievements to be materially different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements.

For a description of such risks and uncertainties
refer to our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on January 26, 2009. While these forward-looking
statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the
direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections,
assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of
the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Corporate Background

We were incorporated in Delaware on September
17, 2007 and are a development stage company. We have acquired the rights to a patent-pending technology upon which a unique wireless
data platform is built. This platform supports minute-by-minute data transmission intended for several key areas. Preliminary tests
have already been run in a real-world environment. The patent-pending technology utilizes the ISM (Industrial Scientific Method)
non-licensed spectrum to provide short message transmission and data transmission. The unique element of this system is that it
can perform this functionality at an order of magnitude delivering more capacity and much higher robustness than any currently
available wireless or cellular network, without interfering whatsoever with other network activities.

On October 27, 2008, the Company abandoned
the business relating to the patent technology and executed an exclusive brownfield license agreement with Solucorp Industries
Ltd., pursuant to which it acquired a 15 year license to certain environmental hazard remediation technology (as discussed
below).

We completed a public offering of our common
stock in the first half of 2008, raising aggregate gross proceeds of $90,000 pursuant to Registration Statement on Form SB-2 that
was declared effective by the Securities and Exchange Commission on February 19, 2008. A private placement of common
stock was completed on July 3, 2008, raising aggregate gross proceeds of $90,000 from 22 investors. On July 28, 2008
we implemented a 5 for 1 forward stock split.

On February 27, 2009, at special meeting
of the shareholders of our Company, the board of directors was given authorization to change the name of the Company from “1
Lane Technologies Corp.” to “Adama Technologies Corporation” to better reflect the proposed business activities.

During the third quarter of 2011 the majority
shareholders of the Company voted to implement a reverse split on the Company's Common Stock at a ratio of 1-300. The reverse split
was effective on October 28 2011.

Our Principal executive offices are located
at 76/7 Zalman Shazar Street, Hod Hasharon, Israel, in the home of Aviram Malik, our Chief Executive Officer and President. Our
registered office in Delaware is located at 113 Barksdale Professional Center, Newark, DE 19711, and our registered agent
is Delaware Intercorp. Our fiscal year end is December 31.

3

Our Business

On October 27, 2008, the Company entered
into an Exclusive Brownfield License Agreement with Solucorp Industries Ltd. pursuant to which the Company
acquired a 15 year license to certain environmental hazard remediation technology. The foundation of the license is
its $60,000,000 patented MBS (Molecular Bonding System) technology. The Company is to provide long-term permanent
solutions to hazardous heavy metal waste problems. The MBS technology successfully treats all Resource Conservation
& Recovery Act (RCRA) and Universal Treatment Standards (UTS) metals such as: arsenic, cadmium, chromium,
lead, mercury, etc., and treats multiple metals concurrently. The ability to treat difficult waste streams along with
being able to treat multiple metals with different solubility points successfully separates our MBS technology
from any other existing technology. The types of applications include soils, sludge's, ashes, baghouse dusts and barrel wastes.
The MBS technology provides superior efficacy and has significant cost advantages over both hazardous waste landfill
and alternative remedial technology options.

The Company has ceased to continue its
original business plan in relation to the wireless data platform acquired in 2007

In consideration for the rights granted
under the Exclusive Brownfield License Agreement, the Company issued 29,633 (post split) shares of its common stock to Solucorp,
valued in the amount of $4,000,000. In addition, the sum of $1,000,000 is payable to Solucorp within 12 months of October 27, 2008.
As of March 31 2011 , the Company paid only $160,000 of the agreed sum. The remaining $840,000 liability has been alleviated in
exchange of the acceptance of the NON-Exclusivity clause under the agreement , hence the termination of the
Exclusivity rights.

On October 28, 2011, the Company initiated
a reverse stock split on its common stock of 300-1 which became effective on October 28, 2011. The authorized shares of the Company
did not change .

On November 18, 2011, Adama Technologies
Corporation (the “Registrant”) entered a Stock Purchase Agreement with ANOE SA, organized under the laws
of St. Vincent and the Grenadines (“ANOE”), to acquire 477 shares, representing approximately 19.5% of the outstanding
shares of YGE Mining PLC, organized under the laws of the Federal Democratic Republic of Ethiopia (“YGE”). YGE is the
owner of an exclusive license to conduct exploration for gold and tantalum in an area of 40 kilometers in Ethiopia. Tantalum is
used in the manufacture tantalum capacitors that are widely used in circuit designs because of their volumetric efficiency,
basic reliability and process compatibility for electronic equipment such as mobile phones, DVD players,
video game systems and computers. The Stock Purchase Agreement between the Registrant and ANOE, which provides for the
issuance of 20,000,000 restricted shares of the Registrant’s common stock in consideration for the acquisition of the YGE
Shares, is attached as Exhibit 99.1 hereto.

On December 15, 2011, Adama Technologies
Corporation (the “Registrant”) entered an agreement with Ansalt Multicommertz, a limited liability company organized
under the laws of Liechtenstein (the “Assignor”), pursuant to which the Assignor assigned to the Registrant its 90%
interest in the Harrison Lake (Talc) Creek Magnesium property in exchange of the issuance of 25,000,000 restricted common stock
of the Registrent to the Assignor.

Effective July 9, 2012, the Company entered
into a Mineral Property Acquisition Agreement with MineSadco S.A., an Ecuadorian company. MineSadco is the owner of an undivided,
100% interest in a certain mineral property located in Canton Portovelo, El Oro Province, in the South of Ecuador. Pursuant to
the terms of the agreement, the Company acquired the rights to commercially exploit 100% of the mineral rights to the Property
for a period of twenty years. In consideration, the Company issued 120,000,000 restricted shares of its common stock to MineSadco.
In addition, if within eighteen months from the closing date certain production millstones will be completed, MineSadco will be
entitled to additional shares representing up to 55% of the Companies diluted capital at the closing date.

Employees

Other than our current directors and officers,
we have three part-time employees .

Transfer Agent

We have engaged Nevada Agency and Trust
as our stock transfer agent. Nevada Agency and Trust is located at 50 West Liberty Street, Reno, Nevada 89501. Their telephone
number is (775) 322-0626 and their fax number is (775) 322-5623. The transfer agent is responsible for all record-keeping and administrative
functions in connection with our issued and outstanding common stock.

Results of Operations

Results of Operations For the nine months
ended September 30 2012 and nine months ended September 30 2011

Revenues

The Company did not generate any revenues
for the nine months ended September 30 2012, or September 30 2011

During the nine months ended September
June 30 2012 and September 30 2011, total operating expenses were $1,726,905 and $451,181, respectively. The general and administrative
expenses were primarily the result of fees for bookkeeping expenses and professional fees associated with fulfilling the Company’s
SEC reporting requirements and equity compensation expense for consulting expenses in relation to the business
operations and development .

Net loss

During the nine months ended September
30 2012 and 2011, the net (loss) income was ($1,774,052) and $302,475 respectively.

We expect to continue to incur significant
operating expenses. As a result, we will need to generate significant revenues to achieve profitability, which may not occur. We
expect our operating expenses to increase as a result of our planned expansion . Even if we do achieve profitability, we may be
unable to sustain or increase profitability on a quarterly or annual basis in the future. We expect to have quarter-to-quarter
fluctuations in revenues, expenses, losses and cash flow, some of which could be significant. Results of operations will depend
upon numerous factors, some beyond our control, including regulatory actions, market acceptance of our products and services, new
products and service introductions, and competition.

4

Liquidity and Capital Resources

Our cash balance as of September
30 2012 was $600. Cash and cash equivalents from inception to date have been sufficient to provide the operating capital necessary
to operate to date.

There is not enough cash on hand to fund
our administrative and other operating expenses or our proposed research and development program for the next twelve months, and
we do not anticipate that we will generate any revenues from operations for the next twelve months.

Going Concern Consideration

Our auditors have issued an opinion on
our financial statements which includes a statement describing our going concern status. This means that there is substantial doubt
that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills and
meet our other financial obligations. This is because we have not generated any revenues and no revenues are anticipated until
we begin marketing the product. Accordingly, we must raise capital from sources other than the actual sale of the product. We must
raise capital to implement our project and stay in business.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Item 3. Quantitative and Qualitative
Disclosures About Market Risk.

A smaller reporting company, as defined
by Item 10 of Regulation S-K, is not required to provide the information required by this item.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Our disclosure controls and procedures
are designed to ensure that information required to be disclosed in reports that we file or submit under the Securities Exchange
Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the United
States Securities and Exchange Commission. Our principal executive officer and principal financial and accounting officers have
reviewed the effectiveness of our “disclosure controls and procedures” (as defined in the Securities Exchange Act of
1934 Rules 13(a)-15(e) and 15(d)-15(e)) within the end of the period covered by this Quarterly Report on Form 10-Q and have concluded
that the disclosure controls and procedures are effective to ensure that material information relating to the Company is recorded,
processed, summarized, and reported in a timely manner. There were no significant changes in our internal controls or in other
factors that could significantly affect these controls subsequent to the last day they were evaluated by our principal executive
officer and principal financial and accounting officers.

5

Changes in Internal Controls over Financial
Reporting

There have been no changes in the Company's
internal control over financial reporting during the last quarterly period covered by this report that have materially affected,
or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings.

There are no pending legal proceedings
to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially
of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a
material interest adverse to the Company. The Company’s property is not the subject of any pending legal proceedings.

Item 1A. Risk Factors

A smaller reporting company, as defined
by Item 10 of Regulation S-K, is not required to provide the information required by this item.

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds.

On January 4, 2012, the Company raised
$8,500 and issued 8,500,000 (post reverse stock split) shares of its common stock, with a purchase price $0.001 per share, to investors.
As of June 30, 2012 the investment was receivable.

On January 13, 2012, the Company raised
$16,760 and issued 16,760,000 (post reverse stock split) shares of its common stock, with a purchase price $0.001 per share, to
investors. As of June 30, 2012 the investment was receivable.

On February 21, 2012, the Company raised
$19,730 and issued 19,730,000 (post reverse stock split) shares of its common stock, with a purchase price $0.001 per share, to
investors. As of June 30, 2012 the investment was receivable.

On May 22, 2012, the Company entered into an agreement with
an unrelated third-party consultant. As payment for the consultant’s services, the Company issued 10,000,000 shares
of its common stock on said date valued at $10,000. The fair value of the unregistered shares was determined based on the recent
closing price of the Company’s stock on the date of grant.

On May 31, 2012, the Company entered into an agreement with
an unrelated third-party consultant. As payment for the consultant’s services, the Company issued 1,500,000 shares
of its common stock on said date valued at $1,500. The fair value of the unregistered shares was determined based on the recent
closing price of the Company’s stock on the date of grant.

On July 15, 2012, the Company entered into an agreement with
unrelated third-party consultants. As payment for the consultant’s services, the Company issued 30,000,000 shares
of its common stock on said date valued at $30,000. The fair value of the unregistered shares was determined based on trading restrictions
on the date of grant.

On July 15, 2012, the Company issued 120,000,000 shares of its
unregistered common stock valued at $120,000 to MineSadco S.A., an Ecuadorian company, to purchase a 100% interest to exploit and
commercialize a mining property located in Ecuador for 20 years.

From January 1, 2012 to September 30, 2012, the Company issued
2,713,355 shares of its common stock upon conversion of convertible debt of $63,000 and $2,700 of interest.

Site Links

Based on public records. Inadvertent errors are possible. Getfilings.com does not guarantee the accuracy or timeliness of any information on this site. Use at your own risk.
This website is not associated with the SEC.